Binance’s Chief Communications Officer, Patrick Hillmann, took to Twitter to vehemently deny allegations of Binance commingling customer and company funds as reported by Reuters. Hillmann called out the story as weak and filled with conspiracy theories.
In his tweet thread, Hillmann highlighted that the Reuters article revolved around the term “deposit” used on the transaction page when users purchased Binance’s stablecoin, BUSD, issued in partnership with Paxos.
Hillmann clarified that users were merely buying a stablecoin, and it was explicitly stated that the stablecoin was redeemable by Paxos. He argued that the use of the term “deposit” didn’t equate to the misuse or mishandling of funds. Hillmann criticized Reuters for publishing the story despite finding no evidence of Binance client funds being lost or taken. He accused the news outlet of putting up a defense against a potential libel suit by mentioning the lack of evidence upfront and then spinning a narrative around the unverified claims of a “former insider.”
Addressing the ongoing regulatory concerns around Binance, Hillmann stated that the company has been transparent about its past shortcomings. He questioned the need for a respected news outlet like Reuters to “continue making stuff up.”
Hillmann further criticized the consistent mention of Binance CEO Changpeng Zhao’s ethnicity without noting that he’s been a Canadian citizen since the age of 12, indicating an undercurrent of xenophobia.